Hi friends
My small doubht is interest on delayed payment of service tax is allowable expenditure under income tax act or not
and the interest amount is debited to other rates and taxes is it correct or not?
Hi friends
My small doubht is interest on delayed payment of service tax is allowable expenditure under income tax act or not
and the interest amount is debited to other rates and taxes is it correct or not?
Ya... Int on delayed payment of Service Tax allowable exp u/s 37(1)........
and the same shoud be booked as Interest Charges instead of Rate & Taxes....
I think, there is a case law for the same... I will try to provide the same.....
yes interest on delayed payment is allowed
have any case laws pls email on goel.mukesh @ gmail.com
CAclubindia
